JEDDAH: Saudi stock benchmark Tadawul All Share Index (TASI) rose 0.4 percent to 6,574.63 points at close Wednesday, halting three days of decline, as petrochemical and property stocks helped lift market sentiment. The real estate index climbed 0.6 percent, with gains across all companies. Saudi Real Estate added 0.7 percent. “I don't think we will continue to see further gains in real estate,” said Hesham Tuffaha, Bakheet Investment Group head of asset management. “We already saw gains on sentiment but not on fundamentals.” He said the $93 billion social spending plan unveiled recently by King Abdullah, Custodian of the Two Holy Mosques, has driven confidence in the property sector but a positive impact on companies will only be felt later this year. Among petrochemical stocks, Saudi Basic Industries Corp. (SABIC) and Saudi Arabian Fertilizers Co. (Safco) climbed 0.5 and 0.4 percent, respectively. Rabigh Refining and Petrochemical Co (PetroRabigh) dropped 2.5 percent after the company said Tuesday it will shut its refinery and petrochemical complex on April 21 for nearly two months of planned maintenance. Dubai's measure DFM ended higher, halting three days of declines.
